Lets introduce laws to stop selling property to foreign investors. We need to bring back affordable and reasonable housing back to Americans.
Like out of state college tuition scheme, these foreign millionaire/billionaire dopes need to pay 2x plus and 20% annual property taxes to help America.
There are several countries who do exactly that. Why America, the country on the frontlines against some of the most authoritarian regimes in the world, doesn't do that is beyond me.
One, you cannot ever truly own property in China whether you’re a foreigner a local. Every plot of land is technically owned by the state and can only be bought on a leasehold basis for up to 70 years.
This makes Chinese real estate a depreciating asset. If you (or any heirs) had to sell a house 50 years after buying it, the fact that just 20 years are remaining on your land use right would be reflected in the sales value.
Not only that, but foreign property buyers in China are severely restricted by law. Perhaps the worst limitation is that you must have already worked or studied abroad in China for one year and possess a long-term visa before buying real estate.
Lets introduce laws to stop selling property to foreign investors. We need to bring back affordable and reasonable housing back to Americans.
Like out of state college tuition scheme, these foreign millionaire/billionaire dopes need to pay 2x plus and 20% annual property taxes to help America.
Corruption and fraud all around.
There are several countries who do exactly that. Why America, the country on the frontlines against some of the most authoritarian regimes in the world, doesn't do that is beyond me.
China does it, they don't allow foreign ownership of property. You can lease property long term, but you don't truly own it.
https://www.investasian.com/2018/11/14/buying-property-china/
I'm sure it has to do with encouraging foreign investment in our economy, though I'd say the cons outweigh the pros when it comes to housing.